IPO and more in December

The market may now be precariously hanging from a thin branch after falling deep into negative territory. Still, it has managed to support four initial public offerings (IPO) for the year.

The latest is the ongoing IPO of pizza restaurant chain Shakey’s Pizza Asia Ventures Inc. (SPAVI), which reportedly has also been successful in its foreign offering. SPAVI is the third company controlled by the Po family to be listed after Arthaland Corp. and Century Pacific Food Inc.

The three other companies that took the IPO route to raise money from the investing public were: Golden Haven Memorial Park Inc., Cemex Holdings Inc. and Pilipinas Shell Petroleum Corp.

Offer terms

Offered to the public at the price of P11.26 a share, SPAVI will be able to raise as much as P3.96 billion from the sale of 351.9 million common shares—104 million primary shares and 202 million secondary shares held by Arran Investment Private Ltd., a unit of GIC Private Ltd., the sovereign wealth fund of Singapore. The issue also has an over-allotment option of 45.9 million secondary shares.
The offer period started last Dec. 2 and will end on Dec. 8. Listing date has been tentatively set on Dec. 15. Of the total offered shares, 70 percent has been allocated for subscription by overseas investors while the remaining 30 percent has been set aside for local investors.

Read more: https://business.inquirer.net/220797/ipo-and-more-in-december